SS&C Technologies Holdings on Tuesday unveiled its acquisition of Modestspark, a small provider of a portal and tools related to client experience, and is planning on using the purchase to expand its accounting solutions.
SS&C, Windsor, Conn., No. 33 on the 2017 CRN Solution Provider 500, provides services and software for the global financial services industry.
Modestspark is Redmond, Wash.-based developer of client portal and client experience enrichment tools. The company has two employees – co-founders, Brad Demeter and Brian Bero – and over 400 current clients, SS&C said.
SS&C plans to make Modestspark a part of the SS&C portfolio of accounting offerings. Modestspark's co-founders will join the SS&C Advent business which provides investment-related solutions ranging from portfolio management to trading to reconciliation and reporting.
SS&C declined to provide financial details of the acquisition.
Robert Roley, managing director and general manager of SS&C Advent, said in a statement that his organization would be able to increase Modestspark’s value to clients. "Modestspark’s client portal capabilities ensure we have a diverse range of solutions to fit our client’s unique needs," Roley said in the statement.
An SS&C spokesperson, responding to a request for more information, told CRN via email that Modestspark offers a client portal and digital client experience integrated with Advent’s portfolio accounting solutions, including APX and Axys, where the company a broad range of client types and sizes.
"It adds to the range of solutions we can offer to fit their unique needs. We know that digital strategy, client portal, and client engagement tools are increasingly important for wealth managers to compete and grow. Providing our clients with holistic solutions that enable them to better compete and serve their clients is a key part of our strategy and interest in bringing Modestspark into the fold," the spokesperson wrote.
Modestspark's founders couldn't be reached by press time.
Modestspark is only the latest in a string of acquisitions SS&C has done in the last couple years to fill out its portfolio of software and services. The company has acquired at least 50 companies since its founding in 1986. Most were in the financial services industry.
One recent acquisition, that of customer relationship management platform developer Salentica in October of 2016, helped SS&C bolster its portfolio of CRM solutions.